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CGT - Adding Spouse to Property Title

Newbie

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Hi,

 

I purchased a property outright in 2014. My husband and I have been using the property as our main residence since the purchase and I would now like to add his name to the title 50/50. As there is no mortgage, would we still be exempt from Capital Gains Tax and Stamp Duty?

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Community Support

Replies 1

Hi @Gosalyn,

 

There is an exemption generally for Capital gains tax, if the home is Your main residence. In terms of stamp duty, this may be payable on the settlement of a property, i'm not sure of this would apply since you already own the property. As this is strictly not a tax that the Commonwealth government applies (states), you would be better contacting your local state government office and discussing this (you could google, 'states stamp duty').

2 REPLIES 2

Most helpful response

Community Support

Replies 1

Hi @Gosalyn,

 

There is an exemption generally for Capital gains tax, if the home is Your main residence. In terms of stamp duty, this may be payable on the settlement of a property, i'm not sure of this would apply since you already own the property. As this is strictly not a tax that the Commonwealth government applies (states), you would be better contacting your local state government office and discussing this (you could google, 'states stamp duty').

Newbie

Replies 0

Hi Wain,

 

Thanks for the response. We're in NSW and from what I can tell Stamp Duty doesn't apply when transferring property for married couples in NSW.